Lower House endorses 2022 draft law regulating investment environment

AMMAN — The Lower House on Tuesday endorsed the 2022 draft law regulating the investment environment.

The Chamber, during a session headed by Lower House Speaker Abdulkarim Dughmi and attended by Prime Minister Bisher Al Khasawneh and Cabinet members, endorsed the bill after deliberations which occurred over eight sessions, the Jordan News Agency, Petra, reported.

MPs agreed to a decision by the Chamber's Economy and Investment Committee to add Paragraph C to Item 36, which bans an official institution from asking investors to provide a valid official document issued by another official entity in the event that the two institutions are connected electronically. 

The House also approved Items 44 and 45, which allow the settlement of conflicts in investment contracts between an official institution and an investor through arbitration as per rules agreed upon between the two sides.

If there is an arbitration agreement without agreeing on certain rules, the investor can apply rules stipulated in other items of the law, Petra reported. 

The Chamber also approved a decision by the Economy and Investment Committee to add Paragraph C to Item 46 that reads: "The Minister of Industry, Trade and Supply can delegate some of his/her authorities in Paragraphs A and B of this item to any other institution." 

The House then voted on all 52 items of the bill after resuming discussions on some of its items.